US Treasury Department Won’t Go After Miners, and BlockFi Settles With the SEC

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 15 February 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Arculus, and FTX US. Today on “The Breakdown,” NLW covers a set of news from the past few days, including: U.S. Treasury Dept. sends a letter to six concerned senators, saying it won’t be including miners and validators in the agency’s definition of a broker BlockFi settles with the SEC YouTube and OnlyFans get deeper into crypto and NFTs Crypto and geopolitics from New Hampshire, El Salvador and Europe - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 18% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer, and more secure solution to store, send, receive, buy, and swap your crypto. Buy now at getarculus.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Vision” by OBOY. Image credit: Khaichuin Sim/Moment/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Part of Treasury's argument was that, of course, they weren't going to do something stupid.
0:04.9	They weren't going to try to make a group who didn't have access to a certain type of information,
0:08.8	share that information, or else render their activities illegal.
0:11.7	That wasn't their goal.
0:12.6	Never was their goal.
0:13.8	My argument at the time was that that's not how we make laws.
0:17.1	Even if we believe that this group will be good to its word to not interpret their definition of broker in such a way,
0:23.4	we have to consider the next group of leaders who makes policy around it and the next group after that.
0:28.6	Welcome back to The Breakdown with me, NLW.
0:32.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. The breakdown
0:39.0	is sponsored by nexo.com, arculus, and FtX, and produced and distributed by CoinDesk.
0:46.4	What's going on, guys? It is Monday, February 14th, and today we are talking about the latest
0:52.7	from the Treasury Department on new crypto tax policy,
0:57.0	plus a ton of other late week-slash-weekend stories. But before we dive in, if you are enjoying
1:02.5	the breakdown, please go subscribe to it wherever you listen to podcasts, give it a five-star rating,
1:07.7	give it a review, or if you want to dive deeper into the conversation,
1:11.5	come join the Breakers Discord. It's where we chat about everything that's going on in the world
1:16.0	of crypto and in the world of macro and often even beyond that. If you want to check it out,
1:20.7	you can go to the link in the show notes, or you can go to bit.ly slash breakdown pod.
1:26.5	Finally, a disclosure, as always, in addition to them being a sponsor, I also work with
1:31.5	FTX.
1:33.0	Now, speaking of FDX, I'm actually recording this show on Sunday, February 13th, one, because
	...

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